Orr arrived at about 8:20 a.m. for the 9 a.m. meeting, flanked by Michigan State Police officers. He said he hoped the day would unfold “nice and quiet.”

Protesters from the Moratorium Now Coalition, Detroiters Resisting Emergency Management and Detroit City worker retirees arrived just before 9 a.m. They were directed to a demonstration area at the other end of the McNamara Terminal, away from the meeting entrance at the Westin Detroit Metropolitan Airport hotel. The protested for roughly 2 hours.

Native Detroiter Andrew Newton, 29, said he feels the gathering — led by a state-appointed, unelected emergency financial manager — is “criminal.”

“We, as a city, vote against something, we have the right to say no to something — that’s what democracy is about,” he said. “The governor is not a person that gets to just not listen to the people for his own rich-boy agenda. Orr is just an extension of the governor’s agenda.”

David Sole, 65, of Detroit, who retired in January from the Detroit Water and Sewerage Department, said he feels retirees and residents should play a large role in the discussions.

“The emergency manager’s meeting with the bankers and others to discuss how to pay the banks — the law that was passed to impose an emergency manager on Detroit says they have to pay the banks first,” Sole said. “We’re saying, no; they need to pay people’s pensions, wages and city services. People should come before the banks.”

ISDA Master Agreement

The ISDA master agreement is the most commonly used master contract for OTC derivative transactions internationally. It is used to govern many of the financial transactions between the City of Detroit and Wall Street. Below are links to the agreement and sites with explanations.